Personal Banking: Traditional IRA

  • FDIC insurance
  • Funded with pre-tax dollars
  • Adjusted gross income limitations apply
  • Non-working spouse may contribute up to the maximum amount annually
  • Working spouse may contribute up to the maximum amount annually
  • Withdrawal eligibility begins at age 59 1/2
  • Mandatory withdrawals must begin by age 70 1/2
  • Ability to make “catch-up” contributions of the maximum amount may begin at age 50
  • Withdrawals in retirement subject to ordinary income taxes
  • Early withdrawals may be subject to normal early withdrawal penalties
  • Semi-annual statement
  • Interest compounded
  • Online and telephone banking available
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